IMF doubles lending power by $430bn

23 April 2012

Struggling countries across the globe are set to have access to higher levels of financial support in the coming months, it has emerged.

The International Monetary Fund (IMF) has announced that, following talks with officials from the G20 nations, its lending capacity has been boosted by more than $430 billion.

Throughout the worldwide economic downturn, the body - which represents 188 states and is headquartered in Washington DC - has committed in excess of $300 billion in loans to embattled countries.

Last week, IMF managing director Christine Lagarde indicated that more co-ordinated policy action was still required to create a stronger debt firewall if the world was to build on its "timid" recovery.

And the body and the G20 have now announced that a significant amount more will be available to countries as they seek to "put the global economic recovery on a sounder footing".

"These resources are being made available for crisis prevention and resolution and to meet the potential financing needs of all IMF members," Lagarde remarked.